Vanguard plans new advice and wealth management division

(Reuters) -Money manager Vanguard said on Monday it will establish a new advice and wealth management division led by industry veteran Joanna Rotenberg.

Leading asset managers are expanding their wealth management services to meet growing client demand in the backdrop of an increasingly complex and volatile investment landscape.

Vanguard's CEO Salim Ramji and President Greg Davis announced the $10 trillion asset manager's largest restructuring in more than a decade in an email to its 20,000 employees on Monday, according to a Financial Times report.

The company said Rotenberg, who most recently served as the president of personal investing at Fidelity, will join the company in January to lead the new division as a managing director and also be part of Vanguard's senior leadership team.

Rotenberg previously spent over a decade at Canadian lender Bank of Montreal and served as a partner at consulting giant McKinsey.

Founded in 1975, Vanguard is one of the world's biggest investment management companies offering investments, advice and retirement services to clients.

The company is renowned for pioneering index funds, offering diversified and low-cost investing through a broad portfolio that includes mutual funds and exchange-traded products, as well as retirement plans.

The Financial Times was the first to report on the restructuring.

(Reporting by Manya Saini in Bengaluru; Editing by Shreya Biswas and Krishna Chandra Eluri)

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